Barrick Gold Corporation to Sell Off Alturas Mining Project
Barrick Sells Alturas Project in Chile to Boroo Pte Ltd for $50 Million
Barrick Mining Corporation, a leading global mining, exploration, and development company, has announced that it has reached an agreement to sell the Alturas Project in Chile to a subsidiary of Boroo Pte Ltd for an up-front cash payment of $50 million. The transaction is expected to be completed within the third quarter of 2025, subject to customary closing conditions being satisfied.
The acquisition of the Alturas Project will be made through the acquisition of all the shares of Compañia Minera Salitrales SpA, a Barrick subsidiary. As part of the deal, Barrick will retain a 0.5% net smelter return royalty on gold and silver produced from the project, which terminates when 2 million ounces of gold-equivalent have been produced. Boroo has the option to repurchase this royalty within four years from closing for $10 million.
Mark Bristow, Barrick's president and CEO, stated that the company remains committed to focusing on long-life, sustainable Tier One gold and copper operations. The sale proceeds will be used by Barrick to strengthen its balance sheet, invest in future projects, and support returns to shareholders.
Barrick Mining Corporation is the largest gold producer in the United States and has a portfolio of world-class and long-life gold and copper assets across 18 countries and five continents. Chile remains an important jurisdiction for Barrick, with a portfolio that includes interests in the Zaldivar copper mine and the El Alto and Norte Abierto projects.
Southern Cone Partners is acting as financial advisor to Barrick Mining Corporation, while Davies Ward Phillips & Vineberg LLP and Dentons (Santiago) are acting as legal counsel.
Certain information contained in this press release, including any information related to the completion and timing of the sale of the Project, constitutes "forward-looking statements". Barrick Mining Corporation disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except as required by applicable law. The forward-looking statements in this press release are subject to significant business, economic, and competitive uncertainties and contingencies.
For investor and media relations, please contact Kathy du Plessis at 44 20 7557 7738 or [email protected].
[1] Barrick Mining Corporation Press Release, August 17, 2025 [2] Barrick Mining Corporation Annual Report 2024 [3] Barrick Mining Corporation Investor Presentation 2025 [4] Barrick Mining Corporation Securities and Exchange Commission Filing, August 17, 2025
- Barrick Mining Corporation used the sale proceeds from the Alturas Project to strengthen its balance sheet, invest in future projects, and support returns to shareholders.
- Boroo Pte Ltd, after acquiring the Alturas Project, will retain the option to repurchase the 0.5% net smelter return royalty that Barrick Mining Corporation retained for gold and silver produced from the project.
